Platform engine and fintech Bravura Solutions has returned to making a net profit after tax following a year of mass cost-cutting exercises.

The Australian firm reported an adjusted net profit after tax of $8.8m (£4.55m) for the year ended 30 June, a rise of $31.9m (£16.48m) compared to the previous year.

Operating expenses fell from $257.7m (£133.17m) to $231m (£119.37m) following a significant reduction in headcount and closure of several offices, including in the UK.

Bravura said its focus would now move away from cost saving and back towards growing the business.

The firm, which is listed on the Australian Stock Exchange, underpins adviser platforms Nucleus, Fidelity and M&G Wealth.

The board decided not to declare a dividend as the company continues to stabilise and generate free cashflow.

Bravura is also the lead firm behind Pensions Dashboards Week, which will return in September, with online events designed to encourage knowledge sharing, insight, and best practice as companies prepare for the dashboards connections starting in eight months.

Last year Libby Roy, stepped down as CEO of the company after only a year in the role.

The move came only a few months after the Australian firm announced plans to downsize and cut offices and staff.

It also announced plans to reduce its global workforce by up to 10% as part of the A$30m (£17m) cost-cutting programme, as it moved more work to teams in India and Poland.

The international business acted after it made a net loss of A$190m (£170m) in the second half of 2022.